Page 51 - Insurance Times April 2023

varied financial needs in the form of lump sum benefits, under the policy and the backup SI will only get triggered
regular income, or whole-life income benefit after the SI is exhausted.
3. Flexibility to choose from different premium term Digit Double Wallet Plan: The plan will give the policyholders
payment options an option of double back-up sum insured. This will give
customers access to double the sum insured (SI) opted by
4. Comprehensive protection with death-benefits
them in the same policy year in the form of backup SI. Any
5. Tax benefits under section 80C and Section 10 (10D) of
single claim cannot exceed the SI under the policy and the
the Income Tax Act 1961*
backup SI will only get triggered after the SI is exhausted.
Merging the benefits of market-linked returns along with This plan will be relatively cheaper than Digit Infinity Wallet
guaranteed returns, the Smart Capital Guarantee Solution Plan
comprises the following products:
Digit Worldwide Treatment: The plan will give people the
Max Life Smart Wealth Plan (a Non-Linked, Non- freedom to get treated anywhere in the world, including
Participating, Individual, Life Insurance Savings plan) - A India. Customers if diagnosed with an illness in India can plan
comprehensive life insurance savings product with their treatment abroad.
guaranteed returns, the Plan unifies protection and savings
Policyholders will be able to enhance their coverage further
into a simple and flexible solution. Allowing greater flexibility,
at a small added cost by opting for add-ons like PED waiting
the Plan offers choice amongst five different variants - three
period modification cover (people wanting to reduce their
in lump-sum and one each in regular and whole-life income.
waiting period can opt two years waiting period as well) and
All five variants come with distinct living benefits depending
consumables cover, which will help take care of nearly the
on the chosen variant and comprehensive life cover
entire hospital bill, including consumable expenses like PPE
depending on their design.
kits, gloves, masks, etc.
Max Life Flexi Wealth Advantage Plan (a Unit-Linked, Non-
Participating, Individual Life Insurance Plan) - A plan designed
List of Car Insurance Add-on Covers
to maximize wealth creation needs while shielding loved
ones financially. The Plan guarantees a return of eligible available in India
policy charges, loyalty additions, and power-packed
Various car insurance companies provide different add-on
boosters. Furthermore, the Plan allows greater
covers for car insurance. The following are some of the most
customization with unlimited switches and free-of-cost
common add-on riders available in India by most car
premium redirection along different stages of the growth
insurance companies:
journey.
Zero Depreciation
Zero Depreciation Cover is an additional add-on rider
Go Digit General Insurance launches
that shares the cost of depreciation of the car and its
health insurance plans parts and enables the car owner to get a higher claim
Go Digit General Insurance has launched three new plan amount. It ensures that while paying the claim amount
under Digit Health Insurance policy --Digit Double Wallet at the time of claim settlement, the cost of depreciation
plan, Digit Infinity Wallet plan, and Digit Worldwide is not deducted. Most of the car insurance companies
Treatment plan -- aimed at catering to the newly evolved allow only two zero depreciation claims in the policy
health insurance needs post the pandemic. term, while some car insurance companies in the
market allow unlimited zero depreciation claims like
Digit Infinity Wallet Plan: The plan will help take care of the
IFFCO Tokio General Insurance Company.
rising medical costs with an option of unlimited back-up sum
insured (SI) being offered to customers. This will allow
Consumables Add-on Cover
people to make multiple claims within the same policy year.
The consumable is an additional add-on cover that
However, any single claim cannot exceed the SI under the
covers the cost of consumable items such as air
policy and the backup SI will only get triggered after the SI
is exhausted. The back-up sum insured will get triggered conditioner's gas, grease, bearings, lubricants clip,
from Day 1 and there will be no exhaustion clause. This will engine oil, fuel filter, oil filter, washers, break oil, screw,
allow people to use their sum insured multiple times in a nut and bolt, etc, which are not covered in the standard
single year. However, any single claim cannot exceed the SI car insurance plan.

44 April 2023 The Insurance Times